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UK Nears Solution to Clearing Spat with ECB

By Huw Jones
Published September 28 2011 Reuters


Britain should win its battle with the European Central Bank over clearing houses if changes to a draft European Union derivatives law get final approval, EU diplomats said on Thursday.

Earlier this month, Britain sued the ECB in the European Court of Justice over the central bank's new rule requiring clearing houses like London-based LCH.Clearnet to set up shop in the euro zone because it handles large amounts of euro-denominated securities.

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